What To Look for When searching for Financial Advisors in Denver, Colorado - PDF document

What To Look for Wh en searching for Financial Advisors in Denver, Colorado When it comes to planning for retirement, there are a lot of important factors to consider. You need to think about how much money you’ll need to have saved when you want to retire, how to plan for Medicare, when t o take Social Security , and know what kind of lifestyle you want to maintain in retirement. Working with a Financial Advisor can help make the process a lot easier. But with so many different financial advisors out ther e, how do you know which one is right for you? Qualifications Of Your Financial Advisor When searching for a Financial Advisor in Denver, it is important to look for someone who is qualified to help you with your retirement planning. There are numerous th ings you can look for to determine if a Financial Advisor is qualified. No matter who you talk to, you’ll find they believe they’re the right financial advisor for you so this decision isn’t easy. The top Financial Advisors are certified by prestigious org anizations because they’ve demonstrated that they have the knowledge, education, experience, and skills necessary to help people with their retirement planning. The gold standard of financial certifications is becoming a Certified Financial Planner (CFP). Becoming a CFP is nearly as hard as passing the bar because it qualifies you to advise on nearly all aspects of the average person’s financial plan. There are a few CFPs in Arvada that could be the r ight fit for you. Another thing you can look for when searching for a qualified Financial Advisor is whether or not they have experience working with people in your situation. Retirement planning can be complex, and it is important to work with someone who has experience helping people like you. In order to understand how experienced the advisor is working with retirees, ask them how their process is different for retirees than it is for non - retirees and what they do, differently to support you in your tran sition into retirement. As you listen to their explanation, be prepared to ask questions like: • How will you help me avoid taxes in retirement? • How will you help me to understand what account I should withdraw from, first , second and last each month? • Why do you use that fund family over the less expensive alternatives, like Vanguard funds? • Will you review my 1040 every year to ensure I prepared it correctly? There are companies in Arvada that do, like Progress Wealth Management . • Will you review my Medicare Supplement Plans with me every year to ensure that the one I select still covers things correctly as my health changes? • Will I get a financial plan from you? Professional Experience of Your Financial Advisor When searching for a Financial Advisor in Denver, it is important to look for someone who has experience. This person should have a good understanding of the different types of retirement plans and how they work. They should also be familiar with the state and federal laws and regulations surrounding retirement planning. Things That May Differentiate Your Financial Advisor When searching for a Financial Advisor in Denver, it i s important to consider the services that they offer. Some Financial Advisors only offer investment advice, while others may also offer financial planning and tax advice. Make sure to choose a Financial Advisor who offers the services that you need. 1. You r Experience Working With Them Another important factor to consider when choosing a Financial Advisor is the experience they offer. Retirement planning can be a complex process, so it is important to choose someone who makes it simple for you. They should be able to explain complicated topics in an easy - to - digest way and help you to understand, step - by - step, how they’ll answer all your questions. 2. Fees Your Financial Advisor Charges Fees are another important consideration when choosing a Financial Advisor. Some planners charge by the hour (expect around $350 an hour), while others charge a percentage of the assets under management for those who can’t afford the $350 an hour every year or would rather have an advisor to work with whenever needed (expect around 1% of the account you’d l ike them to manage). Be sure to ask about the fees before you decide to work with a particular planner and, avoid the commissioned advisors if you can because after they’ve earned their commission, they have no incentive to continue helping you. NOTE: If the advisor ever says their services are free, it means they’re misleading you and trying to sell you an overpriced mutual fund when non - commissioned alternatives exist that perform as well or potentially even better. No one works for free (especially afte r dedicating 10+ years to your profession). 3. References Your Financial Advisor Can Give You From Current Clients As you interview Financial Advisors in Denver, ask for references before you make a decision. Be sure to ask for at least 3 of their current client’s phone numbers and ask each what their experience was like. This will help you get a better idea of what you can expect if you decide to work with this particular planner. 4. Services That Should Be Offered By Your Financial Advisor Do you want you r advisor to: • Manage your investments • Keep you up to date with markets • File your taxes • As part of helping you with your estate plan , they should review your estate documents annually t o help you save on attorneys fees. This might include a review of your will, trust documents, beneficiary designations, and your estate planning goals. • Help you figure out when to file for social security and its impact on your ability to afford life • Help you to sign up for Medicare and pick the right policies to cover the things Medicare doesn’t • Create a tax plan for you so you know that you’re strategizing on how to save taxes today and in the future • Find a retirement community for you when need be that suits your needs … then you should have a Financial Advisor in Denver, that does these things and not settle for someone who doesn’t. 5. Location Of Your Financial Advisor ‘ s Office When searching for a Financial Advisor in Denver, it is important to consider their location. You will want to choose a planner that is conveniently located near you so that you can easi ly meet with them when needed. Alternatively, if they’re willing to drive to you, you won’t have to worry about where their office is located. Conclusion – How To Find a Financial Advisor in Denver If you’re nearing retirement age or are already retired, it’s important to have a solid plan in place. A Financial Advisor can help you figure out how much money you need to save and where to invest it so that you can enjoy a comfortable retirement. When s earching for a Financial Advisor in Denver, be sure to look for someone with plenty of experience helping people in your situation. They should also be able to offer personalized advice based on your unique circumstances. With the right Financial Advisor b y your side, you can rest assured that your golden years will be everything you’ve dreamed of and more.